Licensed pre-owned (CPO) gross sales elevated month over month however underperformed the general used-vehicle retail market in August, Cox Automotive reported on Sept. 9.
August CPO gross sales rose to 211,609 items, up greater than 5,000 items or a 2.6% improve over July. Yr-over-year CPO gross sales decreased by almost 11,000 items, or 5.1% decrease than in August 2021.
Leveraging a same-store set of dealerships chosen to symbolize the nation from Dealertrack, Cox estimates that used retail gross sales elevated 11% in August from July and that used retail gross sales have been down 9% 12 months over 12 months. In comparison with August 2019, gross sales have been down 19%, which was an enchancment from July, when gross sales have been down 29%, based mostly on the same-store outcomes.
“Whereas CPOs stay the following greatest various to new autos on this market, our present gross sales charge is, on common, 30,000 much less per thirty days than in 2019,” mentioned Chris Frey, senior supervisor of financial and trade insights at Cox Automotive, in a information launch. “Yr-to-date CPO gross sales are down nearly 16% via August. CPO gross sales are on observe to complete close to 2.4 million in 2022, down round 11% from final 12 months’s 2.7 million.”
Initially posted on Automobile Remarketing